Other than line L, what other boxes on the K-1 have entries? Based on the Proshares VIX web help, I'm guessing that you have something in box 11, code i. Let me know if I'm wrong.
See this older discussion info:
https://ttlc.intuit.com/community/taxes/discussion/how-to-enter-k-1-form-1065-box-11-code-i-other-in...
It describes how you enter box 11 code i info ... basically you need to tell TT what kind of income it is so TT can put it in the right place. As the Proshares VIX help info explains this likely "phantom" income. I.e. you didn't get any cash but you have taxable income. (Likely increasing the value of the underlying investment.)
A couple of things that might be helpful to you.
The box L capital account reconciliation doesn't necessarily represent income. Distributions might or might not be income. They could also be a return of capital. Or there could be a loss.
If you have "phantom income" that you are taxed on, that will increase your basis. Think of it as avoiding double taxation. E.g. you buy in for $100. You get $5 of phantom income (no distribution). Adjusted basis is $105. You sell for $107. You have $107 - $105 = $2 capital gain. If you didn't get a increase in basis you would have a $7 gain, but that would tax you twice on your $5 phantom income.
If you get a distribution that will reduce basis.
For more info on partnership basis see
https://www.irs.gov/publications/p541#en_US_202102_publink1000104291
Just warning partnership taxation can be terribly complex. there is an inside basis and an outside basis. you probably don't need to worry about all that though for this kind of partnership. Just be sure you get the income
When you sell you box L should give you your current basis (you should be able to verify given the above and the history over the years of your investment). You gain is simply your proceeds from the sale minus your basis. TT should ask you about all of that if you indication you have disposed of the your partnership interests.
If you have more questions, feel free to ask.
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